2016 is almost coming to an end, and we have seen immense shifts and disruption in our daily lives. In the field of real estate, the concept AirBnB has revolutionized the way we find accommodation when we travel. Co-working spaces have become more and more common, threatening the conventional office-spaces. However, one real-estate giant has recently announced a new brand to change the way millennials work and live. The Ascott serviced apartments firm, a subsidiary of CapitaLand, has recently unveiled a new brand, Lyf, a newly-conceptualized service apartments designed for millennials.
Lyf, which stands for “Live Your Freedom”, is meant for millennials born after 1980. Unlike traditional serviced apartments, this brand will have a myriad of communal spaces for residents to interact and socialize. Each property will possess some local elements and have a unique personality.
The lobby will come with a co-working space, the laundry room as well as a space meant for events. There will also be entertainment such as foosball or even a pool table for residents to utilize.
As a smart accommodation, there will be no front desk and customers will have to self check-in. On the other hand, Lyf will have a special group of Customer Service Officers known as “Lyf Guards”. Lyf Guards will be in charge of holding events such as innovation talks or networking sessions and they are typically hired by Ascott.
The room sizes will be slightly smaller and closely-knitted side by side to encourage more interaction among the millennials.
Ascott revealed plans to achieve 10,000 units under the Lyf brand by 2020. Prices are expected to be relatively high.
This could be in line with Singapore’s movement towards being a smart city as we are experiencing a shift to becoming an innovation hub for entrepreneurs.
With Ascott’s newly launched concept, how will other serviced apartment companies react?